{"id":54143,"date":"2023-08-28T21:00:34","date_gmt":"2023-08-29T01:00:34","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/stanchart-to-sell-jet-leasing-arm-to-saudi-wealth-fund-unit-for-3-6-billion\/"},"modified":"2023-08-28T21:00:38","modified_gmt":"2023-08-29T01:00:38","slug":"stanchart-to-sell-jet-leasing-arm-to-saudi-wealth-fund-unit-for-3-6-billion","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54143","title":{"rendered":"StanChart to sell jet leasing arm to Saudi wealth fund unit for $3.6 billion"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS\/Peter Nicholls\/File Photo<\/span>
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By Rishav Chatterjee<\/p>\n

(Reuters) -Standard Chartered said on Monday it was selling its global aviation finance leasing business to Saudi Arabia-based AviLease for about $3.6 billion, as part of a drive to streamline its operations.<\/p>\n

AviLease will pay an initial consideration of $700 million and is also funding repayment of $2.9 billion of net intra-group financing from the StanChart group, bringing the total consideration to about $3.6 billion.<\/p>\n

The deal comes at a time when the bank is focussing on business areas where it stands out from competitors as it strives to deliver 2024 targets. <\/p>\n

Riyadh-headquartered AviLease, also known as Aircraft Leasing Co, is a jet lessor owned by Saudi Arabia’s sovereign wealth fund. <\/p>\n

StanChart said in January it was exploring options for its global aviation finance business.<\/p>\n

Dublin-based Standard Chartered (OTC:) Aviation Finance owns and manages more than 120 aircraft and offers services including jet fuel hedging, debt financing and remarketing of unneeded planes.<\/p>\n

“The sale of our Aviation Finance leasing allows us to continue to focus our efforts on those areas where we are most differentiated,” Simon Cooper, CEO of Corporate, Commercial & Institutional Banking and Europe & Americas at Standard Chartered, said on Monday.<\/p>\n

The company expects to record a gain of around $300 million from the sale and its common equity tier 1 capital ratio would increase by around 19 basis points.<\/p>\n

StanChart’s aviation financing business was ranked as the 21st biggest lessor based on the $3.7 billion market value of its fleet in publisher Airfinance Journal’s 2022 rankings.<\/p>\n

AviLease is among the few companies that the Saudi Public Investment Fund (PIF) has endorsed as it grows deeper into various sectors.<\/p>\n

AviLease Chairman Fahad Al-Saif said: “The acquisition will propel AviLease and will in turn support Saudi Arabia\u2019s aviation ecosystem.\u201d<\/p>\n

The global aircraft leasing business is facing challenges from inflation and rising borrowing costs even as aviation demand rebounds.<\/p>\n

The sector has gone through major consolidation in recent years, with private equity firms jumping in to buy smaller lessors and large players bulking up.<\/p>\n

PIF is setting up startup carrier Riyadh Air to predominantly serve the kingdom\u2019s capital, which has ambitions to become a global business hub. <\/p>\n

($1 = 3.7514 riyals)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS\/Peter Nicholls\/File Photo By Rishav Chatterjee (Reuters) -Standard Chartered said on Monday it was selling its global aviation finance leasing business to Saudi Arabia-based AviLease for about $3.6 billion, as part of a drive to […]<\/p>\n","protected":false},"author":1,"featured_media":1886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-54143","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nStanChart to sell jet leasing arm to Saudi wealth fund unit for $3.6 billion | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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